POWERGRID Infrastructure Investment Trust Reports Strong Q2 and H1 FY26 Performance

Powergrid Infrastructure Investment Trust (PGInvIT) has released its investor presentation for the quarter and half-year ended September 30, 2025, showcasing robust financial performance and consistent returns for unitholders.

Operational Highlights

PGInvIT continues to demonstrate operational excellence with its portfolio of 11 transmission lines spanning 3,699 circuit kilometers and 3 substations with 6,630 MVA capacity. The trust has maintained an availability of over 98% since the commencement of commercial operations, surpassing target availability across all its Special Purpose Vehicles (SPVs).

Financial Performance

Q2 FY26 Results

Metric	Amount (₹ million)
Total Income	3,267.00
Operating Expenses	90.00
SPV Net Distributable Cash Flow	3,340.00

H1 FY26 Results

Metric	Amount (₹ million)
Total Income	6,517.00
Operating Expenses	410.00
SPV Net Distributable Cash Flow	6,227.00

The trust's financial health remains strong, with a total debt of ₹10,682.00 million and receivable days at 26 days.

Distribution to Unitholders

PGInvIT has maintained its commitment to providing stable returns to unitholders. Since its IPO, the trust has distributed ₹252.50 per unit. For the fiscal year 2025-26, PGInvIT has provided distribution guidance of ₹12.00 per unit, reinforcing its focus on delivering consistent value to investors.

Credit Ratings and Ownership Structure

The trust continues to hold AAA credit ratings from CARE, CRISIL, and ICRA, reflecting its strong financial position and operational stability. The ownership structure comprises 85% public unitholders and 15% held by the sponsor, POWERGRID Corporation.

Future Outlook

PGInvIT is exploring acquisition opportunities to expand its portfolio. The trust is considering potential consortium arrangements with POWERGRID for transmission projects worth approximately ₹500.00 crores. This strategic move aligns with the trust's growth objectives and the broader trend of increasing energy demand and renewable energy push in India's power sector.

Conclusion

POWERGRID Infrastructure Investment Trust's Q2 and H1 FY26 results demonstrate its ability to generate stable income and maintain operational excellence. With its strong financial position, high credit ratings, and strategic growth plans, PGInvIT continues to position itself as an attractive investment option in the infrastructure sector.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.50%	+0.74%	-0.56%	+15.15%	+10.37%	-7.31%

Powergrid Infrastructure Investment Trust (PGInvIT) has announced its financial results for the first quarter, demonstrating consistent performance and maintaining its commitment to unitholder returns.

Financial Highlights

PGInvIT reported a consolidated income of ₹3,250.00 million for Q1, comprising ₹3,133.00 million in revenue from operations and ₹117.00 million in other income. The trust's net distributable cash flow (NDCF) at the PGInvIT level stood at ₹2,758.00 million for the quarter.

Distribution Announcement

The trust has declared a distribution of ₹3.00 per unit for Q1, aligning with its guidance of ₹12.00 per unit for the fiscal year. This marks the 16th consecutive quarterly distribution since PGInvIT's listing, bringing the cumulative distribution to ₹49.50 per unit since its IPO.

The distribution comprises:

₹1.76 of interest component
₹0.37 of taxable dividend
₹0.07 of exempt dividend
₹0.78 of repayment of SPV debt
₹0.02 of treasury income

This distribution represents 99% of the NDCF at the PGInvIT level for the quarter, exceeding the minimum 90% threshold mandated by SEBI regulations.

Operational Performance

PGInvIT's portfolio consists of five special purpose vehicles (SPVs) operating transmission assets that include 11 transmission lines spanning approximately 3,699 circuit kilometers and three substations with a combined transformation capacity of 6,630 MVA. The average remaining life of the transmission service agreements (TSAs) is over 27 years.

Based on provisional data, the average availability during Q1 exceeded 98% across all SPVs, surpassing target benchmarks. The quarter was also accident-free across all five SPVs, underscoring the trust's commitment to safety.

Financial Position

As of the end of the quarter, PGInvIT had external borrowings of ₹10,702.00 million, with a net borrowing ratio of approximately 5.21%. The trust maintains the highest credit rating (AAA with stable outlook) from ICRA Limited, CRISIL Rating, and CARE Rating.

Growth Initiatives

PGInvIT is exploring new avenues for growth, including:

Participation in tariff-based competitive bidding (TBCB) projects: The trust has received in-principle approval to form a consortium with POWERGRID for up to two TBCB projects with an aggregate estimated cost of ₹500.00 crores.
State transmission asset monetization: PGInvIT is actively engaging with stakeholders to explore opportunities in state transmission markets, although this is expected to have a longer gestation period.
Ongoing project implementation: One of PGInvIT's SPVs, PPTL, is currently implementing a project under the Regulated Tariff Mechanism, which is expected to be commissioned within the scheduled timeframe.

Management Commentary

Naveen Srivastava, Chairman of POWERGRID Unchahar Transmission Limited (the Investment Manager to PGInvIT), stated, "PGInvIT is committed to delivering consistent, stable, and predictable returns to its unitholders. We continue to explore value-accretive growth opportunities while maintaining our focus on operational excellence and financial prudence."

The management has reiterated its distribution guidance of ₹12.00 per unit for the fiscal year, consistent with the total distribution made for the previous fiscal year.

As PGInvIT continues to navigate the evolving landscape of the Indian power transmission sector, it remains focused on its vision of building a business model that prioritizes operational efficiency, value-accretive growth, and an optimal capital structure to deliver stable returns to its unitholders.